New Delhi [India], July 21 (ANI): The report of the Select Committee on the new Income-Tax Bill was presented in the Lok Sabha on Monday by panel chairman Baijayant Panda.
The Select Committee examined the Income-Tax Bill, 2025, which aims to simplify the language and structure of the existing Income Tax Act of 1961. Panda, a BJP Member of Parliament, also submitted a copy of the record of evidence provided before the committee.
The Income-Tax Bill, 2025, was introduced in Parliament by Finance Minister Nirmala Sitharaman in February and was subsequently referred to the Select Committee for a comprehensive review. The bill is now slated for passage during the monsoon session of Parliament.
According to officials, the simplification exercise undertaken in the new bill adheres to three key principles: textual and structural clarity, no major changes to tax policy, and preservation of existing tax rates.
The reform follows a three-pronged approach to achieving simplicity. It eliminates complex language to improve readability, removes redundant and repetitive provisions to enhance usability, and logically reorganizes sections for better navigation.
Officials noted that the Government prioritized widespread stakeholder engagement, consulting taxpayers, businesses, industry associations, and professional bodies. Of the 20,976 suggestions received through an online portal, several relevant proposals were examined and incorporated into the draft bill.
In addition to domestic consultations, best practices from countries like Australia and the United Kingdom were also studied. The Government said the new Income-Tax Bill reflects its broader commitment to improving the ease of doing business by creating a clear and simplified tax framework. (ANI)
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